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AUDUSD: Reversal Pattern Is Pointing Towards 1.0375

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Mar 07 2013

Sharp impulsive reversal higher in this week suggests that AUDUSD found a temporary low and completed an ending diagonal in wave 5 with a throw-over formation. Throw-over occurs when volume is high in the fifth wave that approaches its lower trendline of the pattern, and extends slightly beneath it before reversal occurs. As such, the wave count is now pointing higher for a minimum three waves retracement back to former black wave four levels; 1.0375.

Pair also tested and reverse lower from blue wave (iv) resistance yesterday that caused a current a pull-back in wave B that will ideally look for a support around 1.0200 area. Expect a wave C rise from those levels, while pair trades above 1.0115 invalidation level.






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